Short-term leases aren't any less binding than longer contracts. Many New York residents move to beach rental properties for the summer. A few days, weeks or months out of the city can be refreshing unless you run into a lease dispute.
Changing business situations can result in a company having major changes in its space needs. Such changing needs can sometimes lead to a company engaging in major real estate transactions. This can be seen in an over half a billion dollar commercial real estate deal that was recently reached in New York City.
According to a lawsuit brought by a business association in East Harlem, the city was late in filing an eviction order against property owners who have held out against a development project. In 2010, a state appeals court ruled that the city had the right to buy out the landowners to move the development forward, but according to the owners' lawsuit, there was a three-year timeframe for filing the eviction order. The city was apparently four months late.
Rent-stabilized tenants in New York City could see a rent increase as high as 4.5 percent or no increase at all. In a move with the potential to bolster Mayor Bill de Blasio's intention of freezing rents for rent-stabilized tenants, the Rent Guidelines Board approved a number of options, including the following: